Quarterly Market Outlook

2026

Q1
Global Equity Market Review And Outlook

Global equities continued their momentum in the fourth quarter (“4Q”) of 2025, building on the resilience seen earlier in the year. The Morgan Stanley Capital International (“MSCI”) All Country World Index advanced 3.36% over the quarter to date, with strong contributions from Asia. United States (“US”) equities gained 2.61%, while the markets of Korea (+26.78%), Taiwan (+10.47%), Malaysia (+8.11%), Indonesia (+5.32%) and Thailand (5.08%) all gained in 4Q 2025. Most notably, China (-7.34%) underperformed for the quarter.


Q2

Global Equity Market Review And Outlook

Global equities endured a volatile first quarter (“1Q”) of 2026, as the initial optimism that followed after US Supreme Court ruling against President Donald Trump’s planned tariffs was quickly offset by concerns over the US-Iran military conflict and subsequent surge in energy prices. The Morgan Stanley Capital International (“MSCI”) All Country World Index declined by 3.10% over the quarter to date. Korea (+17.06%), Taiwan (+9.28%), Thailand (+16.79%), Hong Kong (+4.50%) and Japan (+1.74%) all gained in 1Q 2026, but more notably, both the United States (“US”) (-6.22%) and China (-7.34%) underperformed for the quarter.




Q3

Global Equity Market Review And Outlook

Global equities rebounded in the second quarter (“2Q”) of 2026, as Artificial Intelligence (“AI”) capital expenditure and historic public offerings and a de-escalating crisis between United States (“US”) and Iran boosted investor sentiments. The Morgan Stanley Capital International (“MSCI”) All Country (“AC”) World Index improved by 15.24% over the quarter to date. Korea (+87.42%), Taiwan (+48.51%), Japan (+14.06%) and the US (+14.95%) all gained in 2Q 2026, but more notably, China once again underperformed (-7.59%).

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